LAS VEGAS – November 05, 2026 -- Wynn Resorts, Limited (NASDAQ: WYNN) reported third-quarter 2026 net income attributable to the company of $17.3 million, down from $88.3 million a year earlier, as operating revenues fell $144.7 million to $1.69 billion from $1.83 billion.
Diluted earnings per share were $0.17, against $0.85 in the third quarter of 2025. Adjusted net income was $33.9 million, or $0.33 per diluted share, compared with $88.7 million, or $0.86 per share. Adjusted Property EBITDAR dropped $105.9 million to $464.2 million from $570.1 million.
Wynn Palace and Las Vegas post the largest revenue declines
Operating revenues fell $51.7 million at Wynn Palace, $45.8 million in Las Vegas, $30.1 million at Wynn Macau and $17.1 million at Encore Boston Harbor. Adjusted Property EBITDAR declined $44.6 million in Las Vegas, $34.5 million at Wynn Palace, $18.5 million at Wynn Macau and $8.3 million in Boston.
CEO Craig Billings credited "strong operational discipline" across regions and said Las Vegas and Macau both saw healthy demand despite slower market conditions.
Las Vegas table hold of 18.9% misses the 22%-26% expected range
Las Vegas revenues were $575.2 million, down from $621.0 million, and Adjusted Property EBITDAR was $158.8 million, down from $203.4 million. Table games win percentage of 18.9% compared with 23.0% in the prior-year quarter. Billings said the hold rate fell outside the company's expected range.
Macau properties report mixed hold results and lower earnings
Wynn Palace revenues were $583.8 million versus $635.5 million, with Adjusted Property EBITDAR of $165.8 million versus $200.3 million. Mass market win percentage rose to 25.8% from 22.6%. VIP win was 3.82% of turnover, above the 3.1%-3.4% expected range but below the 4.68% recorded a year earlier.
Wynn Macau revenues were $335.4 million versus $365.5 million, and Adjusted Property EBITDAR was $89.5 million versus $108.0 million. Mass market win percentage slipped to 17.1% from 18.7%. VIP win reached 4.88% of turnover, above the expected range and up from 2.93%.
Encore Boston Harbor absorbs a strike that began in early September
Encore Boston Harbor generated revenues of $194.7 million, down from $211.8 million, and Adjusted Property EBITDAR of $50.1 million, down from $58.4 million. Table games win percentage was 18.9%, within the 18%-22% expected range but below 20.5% a year earlier. Billings said the team managed through the strike while keeping the resort operating for guests.
Wynn contributes $62.2 million to Al Marjan Island, lifting total funding to $1.12 billion
The company holds 40% of the joint venture building Wynn Al Marjan Island in the UAE. Life-to-date cash contributions reached $1.12 billion after the third-quarter payment. Interior fit-out of all guest rooms is under way, and the opening is planned for September 2027.
Wynn refinances $900 million of 2027 notes with 6.875% paper due 2035
In September, Wynn Resorts Finance, LLC and Wynn Resorts Capital Corp. issued $900.0 million of 6.875% Senior Notes due 2035. The proceeds, together with cash on hand, fully redeemed $900.0 million of Wynn Las Vegas 5.250% Senior Notes due 2027.
Total debt stood at $10.73 billion at September 30. That comprised $5.77 billion of Macau-related debt, $4.37 billion at Wynn Resorts Finance and $599.1 million at the consolidated retail joint venture. Cash and cash equivalents totaled $1.64 billion, of which $1.15 billion sat with Wynn Macau, Limited and its subsidiaries. A further $150.2 million of short-term investments at Wynn Macau, Limited is excluded from that figure. Available revolver capacity was $1.03 billion under the WRF Revolver and $1.35 billion under the WM Cayman II Revolver.
Wynn repurchases 627,475 shares for $58.1 million and declares a $0.25 dividend
Buybacks in the quarter averaged $92.61 per share, leaving $268.0 million of repurchase authority. The board declared a cash dividend of $0.25 per share, payable November 30, 2026 to stockholders of record on November 16, 2026.